Civic Intelligence

Cummings Foundation Inc.

990PF • Fiscal year 2020 • EIN 04-3073023

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 12, 2021

200 West Cummings ParkWoburn, MA 01801

(781) 935-8000

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

12th percentile

0.02x

Higher debt load relative to assets than 12% of similar nonprofits.

2020 filings • $1B+ nonprofits • Source year 2020

Liabilities / Revenue

11th percentile

0.09x

Higher debt load relative to revenue than 11% of similar nonprofits.

2020 filings • $1B+ nonprofits • Source year 2020

Net Margin

95th percentile

65%

Higher net margin than 95% of similar nonprofits.

2020 filings • $1B+ nonprofits • Source year 2020

Top Officer Pay

8th percentile

$208,369

Higher top officer pay than 8% of similar nonprofits.

Top officer pay equals 0.1% of source-year revenue.

2020 filings • $1B+ nonprofits • Source year 2020

Asset Growth

72nd percentile

19%

Faster asset growth than 72% of similar nonprofits.

2020 filings • $1B+ nonprofits • Annualized from 2019 to 2020

Revenue Growth

92nd percentile

45%

Faster revenue growth than 92% of similar nonprofits.

2020 filings • $1B+ nonprofits • Annualized from 2019 to 2020

Assets

Up

$1,582,757,303

Up $250,321,175 (+19%) from 2019

Net Assets

Up

$1,554,455,338

Up $256,532,541 (+20%) from 2019

Liabilities

Down

$28,301,965

Down $6,211,366 (-18%) from 2019

Revenue

Up

$316,917,158

Up $98,899,685 (+45%) from 2019

Expenses

Down

$111,262,617

Down $2,184,318 (-1.9%) from 2019

Net Income

Up

$205,654,541

Up $101,084,003 (+97%) from 2019

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$3.0B$2.0B$1.0B$0Assets 2010: $778,655,658Liabilities 2010: $23,981,398Net Assets 2010: $754,674,2602010Assets 2011: $837,799,789Liabilities 2011: $24,890,388Net Assets 2011: $812,909,4012011Assets 2012: $898,930,232Liabilities 2012: $24,084,348Net Assets 2012: $874,845,8842012Assets 2013: $902,272,825Liabilities 2013: $25,102,557Net Assets 2013: $877,170,2682013Assets 2014: $958,984,468Liabilities 2014: $26,990,538Net Assets 2014: $931,993,9302014Assets 2015: $1,018,187,635Liabilities 2015: $25,597,776Net Assets 2015: $992,589,8592015Assets 2016: $1,044,737,642Liabilities 2016: $25,147,094Net Assets 2016: $1,019,590,5482016Assets 2017: $1,098,809,324Liabilities 2017: $27,836,610Net Assets 2017: $1,070,972,7142017Assets 2018: $1,220,422,350Liabilities 2018: $26,433,971Net Assets 2018: $1,193,988,3792018Assets 2019: $1,332,436,128Liabilities 2019: $34,513,331Net Assets 2019: $1,297,922,7972019Assets 2020: $1,582,757,303Liabilities 2020: $28,301,965Net Assets 2020: $1,554,455,3382020Assets 2021: $1,791,094,797Liabilities 2021: $33,347,354Net Assets 2021: $1,757,747,4432021Assets 2022: $1,970,466,803Liabilities 2022: $37,611,527Net Assets 2022: $1,932,855,2762022Assets 2023: $2,078,986,279Liabilities 2023: $35,473,055Net Assets 2023: $2,043,513,2242023Assets 2024: $2,242,808,626Liabilities 2024: $33,844,767Net Assets 2024: $2,208,963,8592024

Highlighted filing

2020

Assets$1,582,757,303
Liabilities$28,301,965
Net Assets$1,554,455,338

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$400M$300M$200M$100M$0Expenses 2010: $64,614,0882010Expenses 2011: $67,503,8552011Expenses 2012: $70,724,2072012Revenue 2013: $150,331,303Expenses 2013: $76,506,699Net Income 2013: $73,824,6042013Revenue 2014: $174,151,411Expenses 2014: $83,763,126Net Income 2014: $90,388,2852014Revenue 2015: $154,262,297Expenses 2015: $86,278,747Net Income 2015: $67,983,5502015Revenue 2016: $159,664,819Expenses 2016: $90,556,200Net Income 2016: $69,108,6192016Revenue 2017: $204,395,371Expenses 2017: $93,068,500Net Income 2017: $111,326,8712017Revenue 2018: $231,332,628Expenses 2018: $102,287,456Net Income 2018: $129,045,1722018Revenue 2019: $218,017,473Expenses 2019: $113,446,935Net Income 2019: $104,570,5382019Revenue 2020: $316,917,158Expenses 2020: $111,262,617Net Income 2020: $205,654,5412020Revenue 2021: $324,805,086Expenses 2021: $122,212,981Net Income 2021: $202,592,1052021Revenue 2022: $310,806,993Expenses 2022: $187,319,160Net Income 2022: $123,487,8332022Revenue 2023: $297,491,556Expenses 2023: $190,093,618Net Income 2023: $107,397,9382023Revenue 2024: $395,460,398Expenses 2024: $229,740,809Net Income 2024: $165,719,5892024

Highlighted filing

2020

Revenue$316,917,158
Expenses$111,262,617
Net Income$205,654,541
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 12, 2021
Return Version
2020v4.1
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
JOEL B SWETSTrustee & Exec Dir, CfFT$192,142$16,227$208,369
Andrew EICKTermed(10/20) Exec Director NhmFT$143,800$46,942$190,742
Marie ConnolyEff(10/20) Exec Director, NhmFT$152,317$15,971$168,288
CHRISTINE COAKLEYExec Director, NhcFT$134,493$28,563$163,056
Joyce M CummingsTrustee & Treasurer-$0--
Patricia A Cummings PSY DTrustee & Vice President-$0--
William S CummingsTrustee & President-$0--
Joseph Abate MDTrustee-$0--
Anthony P Monaco MD PHDTrustee-$0--
HON Margot BotsfordTrustee-$0--
Paul C CaseyTrustee-$0--
Carol A DonovanTrustee-$0--
DEBORAH T KOCHEVAR DVM PHDTrustee-$0--
Marilyn Cummings Morris MD MPHTrustee-$0--
Richard C OckerbloomTrustee-$0--
Arlan F Fuller MDTrustee-$0--
LAURIE GABRIELTrustee-$0--
David Harris PHDTrustee-$0--
ERIC S ANDERSONTrustee-$0--
DENNIS A CLARKETrustee-$0--
WILLIAM F GRANTTrusteePT$0--
Grants and Assistance

Foundation Grants and Related Investments

TypeRecipientPurposeStatusLocationAmount
Paid GrantSUPPORTIVE LIVING INCBrain Injury ResidencePCWOBURN, MA, US$100,000
Paid GrantMAYOR'S CHARITY RELIEF FUNDCivic FundraiserPCMARLBOROUGH, MA, US$5,000
Paid GrantST CHARLES BORROMEO PARISHCommunity Welfare ProgramPCWOBURN, MA, US$5,000
Paid GrantMARLBOROUGH HIGH SCHOOLEducational ProgrammingPCMARLBOROUGH, MA, US$1,100
Paid GrantFRIENDS OF WINTER PONDConservation ProgramsPCWINCHESTER, MA, US$1,000
Paid GrantMEDICAL MISSIONARIES OF MARYReligious ProgramPCBRONX, NY, US$1,000
Paid GrantWINCHESTER MEALS ON WHEELSCommunity Welfare ProgramPCWINCHESTER, MA, US$1,000
Paid GrantKATHI GLAVIN HIGGINS SCHOLARSHIPEducational ProgrammingPCBILLERICA, MA, US$800
Paid GrantRISE AGAINMental Health ProgramPCN BILLERICA, MA, US$800
Paid GrantNEW ENGLAND HOME FOR VETERANSHomeless ShelterPCBOSTON, MA, US$500
Paid GrantDANA FARBERHealth Research and ProgramsPCBOSTON, MA, US$500
Paid GrantMISHAWUM CHORAL SOCIETYCultural Arts ProgrammingPCWOBURN, MA, US$300
Paid GrantCHELMSFORD HIGH SCHOOLEducational ProgrammingPCChelmsford, MA, US$100
Paid GrantAIDS ACTIONS COMMITTEE OF MAHealth Research and ProgramsPCBOSTON, MA, US$100
Paid GrantPAN MASSACHUSETTS CHALLENGE INCHealth Research and ProgramsPCNEEDHAM, MA, US$50
Filing and Contact Details

Filer

Filer Name
Cummings Foundation Inc
EIN
04-3073023
In Care Of
% WILLIAM F GRANT
Phone
7819358000
Address
200 West Cummings Park, Woburn, MA 01801

Signing Officer

Name
william s Cummings
Title
President
Phone
7819358000
Signed
2021-11-12
Discuss with paid preparer
Yes

Preparer

Firm
Ernst & Young US Llp
Address
99 WOOD AVENUE SOUTH, ISELIN, NJ 08830
Preparer
Michael Sales
Phone
7325164200
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AccountingFeesSchedule/AccountingFeesDetail/Amt064319
AccountingFeesSchedule/AccountingFeesDetail/CategoryTxt0ACCOUNTING FEES
AccountingFeesSchedule/AccountingFeesDetail/DisbursementsCharitablePrpsAmt083845
GeneralExplanationAttachment/GeneralExplanationGrp/FormAndLineReferenceDesc0SUMMARY OF DIRECT CHARITABLE ACTIVITIES
GeneralExplanationAttachment/GeneralExplanationGrp/FormAndLineReferenceDesc1DESCRIPTION OF RENTAL OF FACILITIES
GeneralExplanationAttachment/GeneralExplanationGrp/IdentifierTxt0SUMMARY OF DIRECT CHARITABLE ACTIVITIES
GeneralExplanationAttachment/GeneralExplanationGrp/IdentifierTxt1DESCRIPTION OF RENTAL OF FACILITIES
GeneralExplanationAttachment/GeneralExplanationGrp/MediumExplanationTxt0FORM 990-PF, PART IX-A CUMMINGS SCHOOL OF VETERINARY MEDICINE - $76,261,624. CUMMINGS FOUNDATION ENTERED INTO A LONG-TERM AGREEMENT WITH TUFTS UNIVERSITY in 2004 TO OPERATE ITS VETERINARY SCHOOL THROUGH A SUBSIDIARY CALLED VETERINARY SCHOOL AT TUFTS, LLC. DURING THE TERM OF AGREEMENT, CUMMINGS FOUNDATION WILL CONTRIBUTE AT LEAST $50 MILLION TO SUPPORT THE RENAMED CUMMINGS SCHOOL OF VETERINARY MEDICINE. THE IRS ISSUED A LETTER RULING ON MAY 6, 2004, CONFIRMING THAT THE EXPENDITURES DIRECTED TO TUFTS UNIVERSITY AND THE EXPENSES CUMMINGS FOUNDATION INCURS IN OPERATING THE CUMMINGS SCHOOL CONSTITUTE QUALIFIED DISTRIBUTIONS DIRECTLY FOR THE ACTIVE CONDUCT OF CUMMINGS FOUNDATION'S EXEMPT PURPOSES. NEW HORIZONS AT MARLBOROUGH - $10,247,749. ESTABLISHED IN 1993 AND ACCOMMODATES APPROXIMATELY 500 RESIDENTS AT ITS MARLBOROUGH, MASSACHUSETTS CAMPUS. THE FACILITY HAS THE ABILITY TO ACCOMMODATE ACTIVE AND INDEPENDENT SENIORS, SENIORS REQUIRING ASSISTANCE WITH ACTIVITIES OF DAILY LIVING (ASSISTED LIVING RESIDENTS) AND SENIORS SUFFERING FROM ALZHEIMER'S DISEASE. NEW HORIZONS AT CHOATE - $4,229,317. ESTABLISHED IN 1990 AND ACCOMMODATES 125 SENIORS. THE FACILITY IS LOCATED IN WOBURN, MA. FORMERLY THE CHOATE MEMORIAL HOSPITAL PROPERTY, THIS PROPERTY WAS CONVERTED TO A RETIREMENT COMMUNITY WHICH INCLUDES SUITES FOR INDEPENDENT LIVING AND ASSISTED LIVING UNITS. THE FACILITY HAS THE ABILITY TO ACCOMMODATE ACTIVE AND INDEPENDENT SENIORS, SENIORS REQUIRING ASSISTANCE WITH ACTIVITIES OF DAILY LIVING (ASSISTED LIVING RESIDENTS) AND SENIORS SUFFERING FROM ALZHEIMER'S DISEASE. CUMMINGS INSTITUTE FOR WORLD JUSTICE, LLC ("CIWJ") (EIN 80-0690363) - $0. THE PRINCIPAL PURPOSE OF CIWJ IS TO PROMOTE MORE SERIOUS STUDY OF THE HOLOCAUST, GENOCIDES, AND INJUSTICES OF ALL KINDS IN A CORE GROUP OF NEW ENGLAND SCHOOLS. CIWJ WAS ESTABLISHED TO SERVE AS AN ACTIVE COORDINATING ORGANIZATION THAT MAKES PROGRAMMING AVAILABLE TO PARTICIPATING SCHOOLS, AND ASSISTS EACH SUCH SCHOOL IN TAILORING A PROGRAM TO THAT SCHOOL'S PARTICULAR NEEDS. ORGANIZED AS A SINGLE MEMBER LLC (AND DISREGARDED ENTITY OF CUMMINGS FOUNDATION, INC.) CIWJ HAD NO EXPENSES AND RECEIVED NO REVENUE IN 2020. THE IRS ISSUED A DETERMINATION LETTER ON DECEMBER 9, 2011, CONFIRMING CIWJ WAS LIKELY TO QUALIFY AS A PRIVATEOPERATING FOUNDATION DESCRIBED IN SECTION 4942(J)(3) OF THE INTERNAL REVENUE CODE. 4942(J)(3) OF THE INTERNAL REVENUE CODE. 4942(J)(3) OF THE INTERNAL REVENUE CODE.
GeneralExplanationAttachment/GeneralExplanationGrp/MediumExplanationTxt1FORM 990-PF, PART XVII, LINE 1D REPORTING ORGANIZATION HAS A DIVISION CALLED NEW HORIZONS AT MARLBOROUGH, LLC (EIN: 75-3031923) ("NHM"). NHM IS LESSEE OF REAL PROPERTY FROM HEM REALTY, INC. (EIN: 30-0553220) ("HEM REALTY"), WHICH IT USES IN OPERATIONS. HEM REALTY IS A 501(C)(2) TITLE HOLDING COMPANY THAT IS RELATED TO REPORTING ORGANIZATION. BECAUSE HEM REALTY HOLDS TITLE FOR REPORTING ORGANIZATION, AND CONSISTENT WITH ITS PURPOSES WOULD TURN OVER ANY RENT IT COLLECTS TO REPORTING ORGANIZATION, HEM REALTY WAIVES PAYMENT OF RENT FROM REPORTING ORGANIZATION'S DIVISION, NHM. REPORTING ORGANIZATION HAS A DIVISION CALLED NEW HORIZONS AT CHOATE, LLC (EIN: 75-3031909) ("NHC"). NHC IS LESSEE OF REAL PROPERTY FROM NHC REALTY, INC. (EIN: 30-0553218) ("NHC REALTY"), WHICH IT USES IN OPERATIONS. NHC REALTY IS A 501 (C)(2) TITLE HOLDING COMPANY THAT IS RELATED TO REPORTING ORGANIZATION. BECAUSE NHC REALTY HOLDS TITLE FOR REPORTING ORGANIZATION, AND CONSISTENT WITH ITS PURPOSES WOULD TURN OVER ANY RENT IT COLLECTS TO REPORTING ORGANIZATION, NHC REALTY WAIVES PAYMENT OF RENT FROM REPORTING ORGANIZATION'S DIVISION, NHC.
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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2,243$33.8$2,209$395$230$166
2023Detailed filing. Detailed filing data is available for this year.$2,079$35.5$2,044$297$190$107
2022Detailed filing. Detailed filing data is available for this year.$1,970$37.6$1,933$311$187$123
2021Detailed filing. Detailed filing data is available for this year.$1,791$33.3$1,758$325$122$203
2020Detailed filing. Detailed filing data is available for this year.$1,583$28.3$1,554$317$111$206
2019Detailed filing. Detailed filing data is available for this year.$1,332$34.5$1,298$218$113$105
2018Detailed filing. Detailed filing data is available for this year.$1,220$26.4$1,194$231$102$129
2017Detailed filing. Detailed filing data is available for this year.$1,099$27.8$1,071$204$93.1$111
2016Detailed filing. Detailed filing data is available for this year.$1,045$25.1$1,020$160$90.6$69.1
2015Detailed filing. Detailed filing data is available for this year.$1,018$25.6$993$154$86.3$68.0
2014Detailed filing. Detailed filing data is available for this year.$959$27.0$932$174$83.8$90.4
2013Detailed filing. Detailed filing data is available for this year.$902$25.1$877$150$76.5$73.8
2012Detailed filing. Detailed filing data is available for this year.$899$24.1$875$70.7
2011Detailed filing. Detailed filing data is available for this year.$838$24.9$813$67.5
2010Detailed filing. Detailed filing data is available for this year.$779$24.0$755$64.6